Benefits of using a mortgage broker

A mortgage adviser can help work out which lender best fits your needs. These professionally trained advisers will look at your situation and the market to find the most suitable solution for you. Advisers – often known as mortgage brokers – also have experience with banks and building societies in the market and will understand which mortgage cases are likely to be accepted by each lender.

Despite falling rates, some customers are struggling with the lending criteria in place at different lenders. If your situation is regarded as non standard, for instance you have a bad credit rating or are self employed it could be a long, painful and costly journey trying to find a lender on the high street that will be able to meet the specific circumstances of the borrower.

Ideal for people with more complex situations

If you have a more complex situation, have a poor credit rating or are self employed, there are many benefit of using an adviser. They will be able to research the market to find the right lender and in many cases have direct access to underwriters to help minimise the chances of making an application to a lender that is unlikely to be able to help.

They will also be able to search beyond the big high street players where appropriate. Some smaller lenders can offer a more bespoke approach to a case rather than being as heavily reliant on credit scoring. There has been a growth in smaller lenders in recent years as millions of potentially creditworthy borrowers have been under served and become disillusioned with high street lenders.

Access to specialist lenders

It is important to remember that a number of the specialist lenders have no branches and only issue mortgages through professional mortgage brokers. Specialist lenders have made this choice to make sure all its customers have been properly advised on what products are available before committing.

A mortgage is the biggest financial move that a person will ever make and the strategy for specialist lenders is to acquire customers through brokers as they are best placed to offer advice.

Brokers can look at multiple lenders rather than a bank that will simply try and sell its own products.

Customers don't want to visit every lender on the high street and have a two hour meeting in each of them. A single conversation over the phone or a meeting with a broker can give them an overview of the market and they can receive professional advice on what the best course of action is.

Pointing you in the direction of the most suitable deal

A broker will find a customer the most approprirate deal, know what to do if an application is declined and hold a customer's hand until a deal is done. When a broker recommends the most suitable deal for your circumstances, they do so regardless of the lender's brand. They will work with you to complete the paperwork, so your application should be dealt with faster. They’ll advise you all the costs and features of the mortgage in addition to the interest rate so you can make an informed choice.